Victory Capital Management Inc. Sells 94,478 Shares of SouthState Co. (NASDAQ:SSB)

Victory Capital Management Inc. lessened its holdings in SouthState Co. (NASDAQ:SSB) by 3.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,790,154 shares of the bank’s stock after selling 94,478 shares during the period. Victory Capital Management Inc. owned about 3.67% of SouthState worth $235,629,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC grew its holdings in shares of SouthState by 4.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,187,264 shares of the bank’s stock worth $79,974,000 after purchasing an additional 49,472 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of SouthState by 1.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 979,859 shares of the bank’s stock worth $66,003,000 after purchasing an additional 14,153 shares during the last quarter. New York State Common Retirement Fund grew its holdings in shares of SouthState by 0.9% during the third quarter. New York State Common Retirement Fund now owns 328,123 shares of the bank’s stock worth $22,102,000 after purchasing an additional 2,920 shares during the last quarter. Sei Investments Co. grew its holdings in shares of SouthState by 5.4% during the third quarter. Sei Investments Co. now owns 286,177 shares of the bank’s stock worth $19,277,000 after purchasing an additional 14,688 shares during the last quarter. Finally, Rhumbline Advisers grew its holdings in shares of SouthState by 0.7% during the third quarter. Rhumbline Advisers now owns 261,994 shares of the bank’s stock worth $17,648,000 after purchasing an additional 1,818 shares during the last quarter. Institutional investors own 89.76% of the company’s stock.

SouthState Price Performance

Shares of NASDAQ:SSB opened at $77.20 on Thursday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.07. SouthState Co. has a twelve month low of $59.51 and a twelve month high of $87.77. The stock’s 50 day moving average is $80.95 and its 200-day moving average is $79.14. The firm has a market capitalization of $5.89 billion, a price-to-earnings ratio of 11.65 and a beta of 0.75.

SouthState (NASDAQ:SSB) last announced its quarterly earnings results on Thursday, April 25th. The bank reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.55 by $0.03. SouthState had a return on equity of 9.24% and a net margin of 20.91%. The business had revenue of $415.49 million during the quarter, compared to the consensus estimate of $414.32 million. During the same quarter in the prior year, the company posted $1.93 earnings per share. SouthState’s revenue was down 8.2% compared to the same quarter last year. Sell-side analysts forecast that SouthState Co. will post 6.37 EPS for the current fiscal year.

SouthState Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 17th. Investors of record on Friday, May 10th will be issued a dividend of $0.52 per share. The ex-dividend date is Thursday, May 9th. This represents a $2.08 annualized dividend and a yield of 2.69%. SouthState’s dividend payout ratio (DPR) is currently 33.93%.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. DA Davidson reaffirmed a “buy” rating and issued a $102.00 price objective (up from $96.00) on shares of SouthState in a research note on Monday, January 29th. UBS Group lifted their price objective on SouthState from $88.00 to $90.00 and gave the stock a “neutral” rating in a research note on Monday, January 29th. Truist Financial cut their price objective on SouthState from $89.00 to $84.00 and set a “hold” rating on the stock in a research note on Monday. Raymond James lowered SouthState from an “outperform” rating to a “market perform” rating in a research note on Friday, January 5th. Finally, Piper Sandler cut their price objective on SouthState from $98.00 to $95.00 and set an “overweight” rating on the stock in a research note on Monday. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, SouthState currently has a consensus rating of “Hold” and an average target price of $88.17.

Insider Buying and Selling

In other SouthState news, insider Daniel E. Bockhorst sold 3,000 shares of the company’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total value of $243,000.00. Following the completion of the transaction, the insider now owns 35,828 shares in the company, valued at approximately $2,902,068. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other SouthState news, insider Daniel E. Bockhorst sold 3,000 shares of the company’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total value of $243,000.00. Following the completion of the transaction, the insider now owns 35,828 shares in the company, valued at approximately $2,902,068. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Richard Iv Murray sold 4,900 shares of the company’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $81.85, for a total value of $401,065.00. Following the completion of the transaction, the president now owns 58,968 shares of the company’s stock, valued at approximately $4,826,530.80. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by corporate insiders.

SouthState Company Profile

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It offers checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits, as well as bond accounting, asset/liability consulting related activities, and other clearing and corporate checking account services.